Dutch private property company Redevco has sold an office building in Istanbul to Avea, Turkey's fast-growing mobile communications company, for an undisclosed amount. The transaction was closed during the summer.
Dutch private property company Redevco has sold an office building in Istanbul to Avea, Turkey's fast-growing mobile communications company, for an undisclosed amount. The transaction was closed during the summer.
Redevco's Turkish office acquired the building in 2007 when it was still under development. The project, which was completed in early 2008, is located on the Tem highway in Istanbul's Ümraniye district. It provides some 10,500 m2 of high-quality office space, spread across six floors and 200 indoor parking spaces.
Redevco said that the proceeds of the sale will be invested in its shopping centre portfolio in Turkey, as part of the firm's ongoing commitment to build up a long-term portfolio of retail properties in the country.
